Recent industry reports, combined with a new regulatory filing in India, led to speculation that Coinbase may be increasing its involvement with India’s largest exchange, CoinDCX.
CCN covered these developments as part of broader reporting on the increased activity surrounding the two companies.
However, Coinbase has since reached out with a clarification.
Coinbase’s Clarification
Earlier industry speculation suggested that Coinbase may have been exploring an acquisition of CoinDCX.
CCN covered these developments as part of broader reporting on the increased activity surrounding the two companies.
However, Coinbase has since reached out with a clarification.
Coinbase’s Clarification
Earlier industry speculation suggested that Coinbase may have been exploring an acquisition of CoinDCX.
In July, CCN reported rumors to that effect, which CoinDCX co-founder Sumit Gupta had definitively dismissed at the time.
Coinbase reiterated in its outreach that the recent filing with India’s Competition Commission (CCI) is not evidence of a new deal or acquisition attempt.
Instead, the filing is a required procedural step related to an investment already in the public domain.
Rather than signaling a buyout or a new deal, the filing is part of completing the minority investment Coinbase announced in October.
Coinbase first backed CoinDCX in 2020, followed by additional rounds in 2022 and in 2025.
These investments bring Coinbase’s stake to roughly 2.34% and value CoinDCX at $2.45 billion post-money.
India’s Crypto Market Continues To Defy Uncertainty
Coinbase’s filing comes shortly after the exchange re-registered with India’s Financial Intelligence Unit (FIU), ending a year-long operational freeze triggered by regulatory disputes.
India remains one of the most coveted crypto markets globally for a simple reason: its scale.
With a population of 1.4 billion—more than half of whom are under 30—the country has topped global crypto adoption rankings for three consecutive years, according to multiple independent indexes.
The contradictions, however, are stark:
High adoption, but no comprehensive crypto law.
Booming exchanges, but a 30% tax on gains and a 1% TDS on every trade.
Rapid startup growth, but persistent government skepticism.
Still, the domestic sector has produced several crypto unicorns since 2017, and foreign exchanges continue to show strong interest despite the regulatory headwinds.
Growing Foreign Interest Could Pressure India Toward Regulation
While New Delhi has been reluctant to introduce a full crypto bill—calling digital assets “speculative” and maintaining steep taxes—market participants believe sustained interest from major global players may eventually force incremental policymaking.
Coinbase’s latest move reinforces that trend.
With global exchanges aggressively expanding into India and pushing for compliance frameworks, lawmakers may face renewed pressure to shift from ambiguity to structured regulation.
